{"id":"2330-2026-09-18-1","contoh":true,"status":"terbit","alasan":"1 temuan lolos seluruh pemeriksaan.","alasan_i18n":{"kode":"akhir.terbit","param":{"n":1},"teks":"1 temuan lolos seluruh pemeriksaan."},"emiten":{"kode":"2330","nama":"台積電"},"judul":"公告本公司董事會通過資本支出預算案","tanggal":"2026-09-18","sumber_url":"https://mops.twse.com.tw/mops/web/t05st01?TYPEK=sii&co_id=2330&seq_no=1&spoke_time=173205&spoke_date=1150918","mops_url":null,"sumber_data":null,"jam":"17:32:05","pii_dibuang":["發言人","發言人職稱","發言人電話"],"muatan":{"diterima":[{"temuan":{"input":"capex","nilai_mentah":"1,480,000,000","satuan":"仟元","pengali_ke_juta":0.001,"mata_uang":"TWD","mata_uang_diasumsikan":false,"nilai_juta_ntd":1480000.0,"kutipan":"資本支出預算金額: 新台幣 1,480,000,000 仟元","butir_no":3,"label":"資本支出預算金額"},"hasil":{"input":"capex","arti":"Mengganti belanja modal tahun terakhir — skenario bila tingkat ini berlanjut","arti_i18n":{"kode":"arti.capex","param":{}},"nilai_lama":1272400.0,"nilai_baru":1480000.0,"g_skenario":0.035,"sebelum":{"code":"2330","name":"TSMC 台積電","as_of":"2026-09-14","unit":"juta NTD kecuali disebut lain","basis":"latest","latest_year":"2025","market_cap":61719407.12,"debt":1032988.5,"cash":3068494.6,"net_debt":-2035506.1,"ev":59683901.019999996,"tax_rate":0.1697198275862069,"fcff_series":{"2023":296963.3620689655,"2024":869963.3620689656,"2025":1012792.4461206896},"fcff_average":726573.0567528736,"fcff0":1012792.4461206896,"cost_of_equity":0.082025,"cost_of_debt":0.0193419384630129,"equity_weight":0.9835386603205508,"wacc":0.08093911501992197,"implied_growth":0.06290243282372243,"terminal_growth_ceiling":0.035,"price_per_share":2380,"shares_issued_thousands":25932524,"assumptions":{"include_leases_in_debt":false,"fcff_basis":"latest","terminal_growth_ceiling":0.035},"sources":{"price_per_share":"Harga penutupan TWSE 2026-09-14 — GANTI dengan URL TWSE","shares_issued_thousands":"Laporan keuangan 2025, Issued and paid shares — GANTI dengan URL MOPS","balance_sheet":"Neraca konsolidasi 2025 — GANTI dengan URL MOPS","cash_flow":"Laporan arus kas 2023-2025 — GANTI dengan URL MOPS. Angka 2023-2024 disetel agar FCFF cocok dengan hitungan tangan PDK (297 dan 870 bio) — PERKIRAAN, wajib diganti angka asli","tax":"Laporan laba rugi 2025 — GANTI dengan URL MOPS","risk_free_rate":"Imbal hasil obligasi Taiwan 10 tahun — https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data","beta":"Beta 5Y bulanan — https://finance.yahoo.com/quote/2330.TW/","equity_risk_premium":"Damodaran country premium, Taiwan — https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html","terminal_growth_ceiling":"BELUM ADA SUMBER — isi dengan proyeksi pertumbuhan PDB nominal Taiwan jangka panjang"},"wacc_inputs":{"risk_free_rate":0.0194,"beta":1.25,"equity_risk_premium":0.0501,"total_interest_expense":19980.0},"tax_detail":{"income_tax_expense":346500.0,"pretax_income":2041600.0},"circularity":{"ev_back":59683901.02000001,"drift_pct":2.4966801665417775e-14,"price_back":2380.0000000000005},"exceeds_ceiling":true,"forward":{"g":0.035,"ev":22818031.67693443,"fair_value":958.3925489448859,"gap_pct":-59.7314055065174},"sensitivity":{"g_axis":[0.025,0.030000000000000002,0.035,0.04,0.045000000000000005],"wacc_axis":[0.07093911501992198,0.07593911501992197,0.08093911501992197,0.08593911501992198,0.09093911501992197],"grid":[[949.8910982502571,1061.0871521813303,1203.2233263322355,1391.300108047184,1651.8839053524878],[864.3577418247814,954.1418235975715,1065.8570296091489,1208.656809058233,1397.6116835567827],[794.1148232968329,868.1912312870934,958.3925489448859,1070.6269070369667,1214.0902917842302],[735.3986423174993,797.605664376082,872.0247207494056,962.6432742922003,1075.396784464785],[685.5870668915757,738.6030630017272,801.0965054553311,875.8582102117177,966.8939996395148]]},"incomplete_sources":["price_per_share","shares_issued_thousands","balance_sheet","cash_flow","tax","terminal_growth_ceiling"]},"sesudah":{"code":"2330","name":"TSMC 台積電","as_of":"2026-09-14","unit":"juta NTD kecuali disebut lain","basis":"latest","latest_year":"2025","market_cap":61719407.12,"debt":1032988.5,"cash":3068494.6,"net_debt":-2035506.1,"ev":59683901.019999996,"tax_rate":0.1697198275862069,"fcff_series":{"2023":296963.3620689655,"2024":869963.3620689656,"2025":805192.4461206896},"fcff_average":657373.0567528736,"fcff0":805192.4461206896,"cost_of_equity":0.082025,"cost_of_debt":0.0193419384630129,"equity_weight":0.9835386603205508,"wacc":0.08093911501992197,"implied_growth":0.0665503391223644,"terminal_growth_ceiling":0.035,"price_per_share":2380,"shares_issued_thousands":25932524,"assumptions":{"include_leases_in_debt":false,"fcff_basis":"latest","terminal_growth_ceiling":0.035},"sources":{"price_per_share":"Harga penutupan TWSE 2026-09-14 — GANTI dengan URL TWSE","shares_issued_thousands":"Laporan keuangan 2025, Issued and paid shares — GANTI dengan URL MOPS","balance_sheet":"Neraca konsolidasi 2025 — GANTI dengan URL MOPS","cash_flow":"Laporan arus kas 2023-2025 — GANTI dengan URL MOPS. Angka 2023-2024 disetel agar FCFF cocok dengan hitungan tangan PDK (297 dan 870 bio) — PERKIRAAN, wajib diganti angka asli","tax":"Laporan laba rugi 2025 — GANTI dengan URL MOPS","risk_free_rate":"Imbal hasil obligasi Taiwan 10 tahun — https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data","beta":"Beta 5Y bulanan — https://finance.yahoo.com/quote/2330.TW/","equity_risk_premium":"Damodaran country premium, Taiwan — https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html","terminal_growth_ceiling":"BELUM ADA SUMBER — isi dengan proyeksi pertumbuhan PDB nominal Taiwan jangka panjang"},"wacc_inputs":{"risk_free_rate":0.0194,"beta":1.25,"equity_risk_premium":0.0501,"total_interest_expense":19980.0},"tax_detail":{"income_tax_expense":346500.0,"pretax_income":2041600.0},"circularity":{"ev_back":59683901.019999966,"drift_pct":4.993360333083555e-14,"price_back":2379.9999999999986},"exceeds_ceiling":true,"forward":{"g":0.035,"ev":18140841.010400668,"fair_value":778.0325243466725,"gap_pct":-67.30955780055999},"sensitivity":{"g_axis":[0.025,0.030000000000000002,0.035,0.04,0.045000000000000005],"wacc_axis":[0.07093911501992198,0.07593911501992197,0.08093911501992197,0.08593911501992198,0.09093911501992197],"grid":[[771.2736825853596,859.6770104406106,972.6784197472965,1122.2036304729702,1329.373525919319],[703.2727681344885,774.6531034660161,863.4691687337656,976.9981589632218,1127.2214729173077],[647.4280907686433,706.3204772373357,778.0325243466725,867.26132702692,981.3178981791468],[600.7474252772056,650.2033868111693,709.3681863401829,781.4119452273289,871.0534853200741],[561.1461185968976,603.2950107563588,652.9786828536955,712.4158954430303,784.7913661079854]]},"incomplete_sources":["price_per_share","shares_issued_thousands","balance_sheet","cash_flow","tax","terminal_growth_ceiling"]},"delta":{"fcff0":-207600.0,"g_tersirat":0.0036479062986419647,"nilai_wajar":-180.36002459821339},"melampaui_batas":{"sebelum":true,"sesudah":true}},"cek":[{"nama":"Label butir sah untuk input ini","lolos":true,"alasan":"Label '資本支出預算金額' ada dalam daftar label sah untuk capex: 資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額","nama_i18n":{"kode":"cek.label","param":{},"teks":"Label butir sah untuk input ini"},"alasan_i18n":{"kode":"cek.label.ok","param":{"label":"資本支出預算金額","input":"capex","sah":"資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額"},"teks":"Label '資本支出預算金額' ada dalam daftar label sah untuk capex: 資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額"}},{"nama":"Kutipan ditemukan di dokumen sumber","lolos":true,"alasan":"Kutipan cocok dengan isi dokumen","nama_i18n":{"kode":"cek.kutipan","param":{},"teks":"Kutipan ditemukan di dokumen sumber"},"alasan_i18n":{"kode":"cek.kutipan.ok","param":{"kutipan":"新台幣 1,480,000,000 仟元"},"teks":"Kutipan cocok dengan isi dokumen"}},{"nama":"Angka ditemukan di dokumen sumber","lolos":true,"alasan":"Angka 1,480,000,000 ada di dokumen","nama_i18n":{"kode":"cek.angka","param":{},"teks":"Angka ditemukan di dokumen sumber"},"alasan_i18n":{"kode":"cek.angka.ok","param":{"angka":"1,480,000,000"},"teks":"Angka 1,480,000,000 ada di dokumen"}},{"nama":"Mata uang didukung model","lolos":true,"alasan":"NTD","nama_i18n":{"kode":"cek.mu","param":{},"teks":"Mata uang didukung model"},"alasan_i18n":{"kode":"cek.mu.ok","param":{"mu":"TWD"},"teks":"NTD"}},{"nama":"Satuan dikenali","lolos":true,"alasan":"Satuan '仟元' dikenali (pengali 0.001 ke juta NTD)","nama_i18n":{"kode":"cek.satuan","param":{},"teks":"Satuan dikenali"},"alasan_i18n":{"kode":"cek.satuan.ok","param":{"satuan":"仟元","pengali":"0.001"},"teks":"Satuan '仟元' dikenali (pengali 0.001 ke juta NTD)"}},{"nama":"Nilai terkonversi tersedia","lolos":true,"alasan":"1.480.000 juta NTD","nama_i18n":{"kode":"cek.konversi","param":{},"teks":"Nilai terkonversi tersedia"},"alasan_i18n":{"kode":"cek.konversi.ok","param":{"nilai":1480000.0},"teks":"1.480.000 juta NTD"}},{"nama":"Besaran masuk akal","lolos":true,"alasan":"1.480.000 berbanding 1.272.400 juta NTD = 1,16× (dalam pita 0,2–3,0×)","nama_i18n":{"kode":"cek.besaran","param":{},"teks":"Besaran masuk akal"},"alasan_i18n":{"kode":"cek.besaran.ok","param":{"nilai":1480000.0,"lama":1272400.0,"rasio":1.16,"bawah":0.2,"atas":3.0},"teks":"1.480.000 berbanding 1.272.400 juta NTD = 1,16× (dalam pita 0,20–3×)"}},{"nama":"Sirkularitas utuh","lolos":true,"alasan":"g dimasukkan kembali mengembalikan EV yang sama (selisih 4.99e-14%)","nama_i18n":{"kode":"cek.sirkular","param":{},"teks":"Sirkularitas utuh"},"alasan_i18n":{"kode":"cek.sirkular.ok","param":{"drift":"4.99e-14"},"teks":"g dimasukkan kembali mengembalikan EV yang sama (selisih 4.99e-14%)"}}]}],"ditolak":[]},"jejak":[{"tahap_i18n":{"kode":"tahap.saring","param":{},"teks":"0 · Saringan pasal"},"urutan":0,"tahap":"0 · Saringan pasal","status":"lolos","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{"kode":"2330","nama":"台積電","tanggal":"2026-09-18","judul":"公告本公司董事會通過資本支出預算案","pasal":11,"sumber":"https://mops.twse.com.tw/mops/web/t05st01?TYPEK=sii&co_id=2330&seq_no=1&spoke_time=173205&spoke_date=1150918"},"keluaran":{"lolos":true,"klausa":11,"nama":"Keputusan dewan direksi atas belanja modal","input_mungkin":["capex"],"alasan":"Pasal 11 — Keputusan dewan direksi atas belanja modal. Dapat menyentuh: capex.","ragu":false,"alasan_i18n":{"kode":"saring.cocok","param":{"k":11,"input":"capex"},"param_kode":{"nama":"klausa.11"}}},"meta":{}},{"tahap_i18n":{"kode":"tahap.pilah_sari","param":{},"teks":"1–2 · Pemilah & penyari"},"urutan":1,"tahap":"1–2 · Pemilah & penyari","status":"lolos","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{"kandidat_input":["capex"]},"keluaran":{"jumlah_temuan":1,"temuan":[{"input":"capex","nilai_mentah":"1,480,000,000","satuan":"仟元","pengali_ke_juta":0.001,"mata_uang":"TWD","mata_uang_diasumsikan":false,"nilai_juta_ntd":1480000.0,"kutipan":"資本支出預算金額: 新台幣 1,480,000,000 仟元","butir_no":3,"label":"資本支出預算金額"}]},"meta":{"penyedia":"aturan","model":"penalar-aturan","versi_prompt":"2026-09-24.1","token_masuk":0,"token_keluar":0,"biaya_usd":0.0,"retry":0,"cadangan":true,"sebab_cadangan":"tidak ada kunci API","latensi_ms":0,"injeksi_terdeteksi":[]}},{"tahap_i18n":{"kode":"tahap.periksa_awal","param":{"input":"capex"},"teks":"4a · Pemeriksa pra-hitung (capex)"},"urutan":2,"tahap":"4a · Pemeriksa pra-hitung (capex)","status":"lolos","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{"temuan":{"input":"capex","nilai_mentah":"1,480,000,000","satuan":"仟元","pengali_ke_juta":0.001,"mata_uang":"TWD","mata_uang_diasumsikan":false,"nilai_juta_ntd":1480000.0,"kutipan":"資本支出預算金額: 新台幣 1,480,000,000 仟元","butir_no":3,"label":"資本支出預算金額"}},"keluaran":{"cek":[{"nama":"Label butir sah untuk input ini","lolos":true,"alasan":"Label '資本支出預算金額' ada dalam daftar label sah untuk capex: 資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額","nama_i18n":{"kode":"cek.label","param":{},"teks":"Label butir sah untuk input ini"},"alasan_i18n":{"kode":"cek.label.ok","param":{"label":"資本支出預算金額","input":"capex","sah":"資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額"},"teks":"Label '資本支出預算金額' ada dalam daftar label sah untuk capex: 資本支出預算金額, 資本支出金額, 交易金額, 取得資產之金額"}},{"nama":"Kutipan ditemukan di dokumen sumber","lolos":true,"alasan":"Kutipan cocok dengan isi dokumen","nama_i18n":{"kode":"cek.kutipan","param":{},"teks":"Kutipan ditemukan di dokumen sumber"},"alasan_i18n":{"kode":"cek.kutipan.ok","param":{"kutipan":"新台幣 1,480,000,000 仟元"},"teks":"Kutipan cocok dengan isi dokumen"}},{"nama":"Angka ditemukan di dokumen sumber","lolos":true,"alasan":"Angka 1,480,000,000 ada di dokumen","nama_i18n":{"kode":"cek.angka","param":{},"teks":"Angka ditemukan di dokumen sumber"},"alasan_i18n":{"kode":"cek.angka.ok","param":{"angka":"1,480,000,000"},"teks":"Angka 1,480,000,000 ada di dokumen"}},{"nama":"Mata uang didukung model","lolos":true,"alasan":"NTD","nama_i18n":{"kode":"cek.mu","param":{},"teks":"Mata uang didukung model"},"alasan_i18n":{"kode":"cek.mu.ok","param":{"mu":"TWD"},"teks":"NTD"}},{"nama":"Satuan dikenali","lolos":true,"alasan":"Satuan '仟元' dikenali (pengali 0.001 ke juta NTD)","nama_i18n":{"kode":"cek.satuan","param":{},"teks":"Satuan dikenali"},"alasan_i18n":{"kode":"cek.satuan.ok","param":{"satuan":"仟元","pengali":"0.001"},"teks":"Satuan '仟元' dikenali (pengali 0.001 ke juta NTD)"}},{"nama":"Nilai terkonversi tersedia","lolos":true,"alasan":"1.480.000 juta NTD","nama_i18n":{"kode":"cek.konversi","param":{},"teks":"Nilai terkonversi tersedia"},"alasan_i18n":{"kode":"cek.konversi.ok","param":{"nilai":1480000.0},"teks":"1.480.000 juta NTD"}},{"nama":"Besaran masuk akal","lolos":true,"alasan":"1.480.000 berbanding 1.272.400 juta NTD = 1,16× (dalam pita 0,2–3,0×)","nama_i18n":{"kode":"cek.besaran","param":{},"teks":"Besaran masuk akal"},"alasan_i18n":{"kode":"cek.besaran.ok","param":{"nilai":1480000.0,"lama":1272400.0,"rasio":1.16,"bawah":0.2,"atas":3.0},"teks":"1.480.000 berbanding 1.272.400 juta NTD = 1,16× (dalam pita 0,20–3×)"}}],"vonis":{"lolos":true,"jumlah_cek":7,"jumlah_gagal":0,"sebab":[],"sebab_i18n":[]}},"meta":{}},{"tahap_i18n":{"kode":"tahap.hitung","param":{"input":"capex"},"teks":"3 · Penghitung (capex)"},"urutan":3,"tahap":"3 · Penghitung (capex)","status":"lolos","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{"input":"capex","nilai_baru":1480000.0},"keluaran":{"arti":"Mengganti belanja modal tahun terakhir — skenario bila tingkat ini berlanjut","nilai_lama":1272400.0,"nilai_baru":1480000.0,"g_skenario":0.035,"fcff0_sebelum":1012792.4461206896,"fcff0_sesudah":805192.4461206896,"g_sebelum":0.06290243282372243,"g_sesudah":0.0665503391223644,"wajar_sebelum":958.3925489448859,"wajar_sesudah":778.0325243466725,"harga_pasar":2380,"melampaui_batas":{"sebelum":true,"sesudah":true}},"meta":{}},{"tahap_i18n":{"kode":"tahap.periksa_akhir","param":{"input":"capex"},"teks":"4b · Pemeriksa pasca-hitung (capex)"},"urutan":4,"tahap":"4b · Pemeriksa pasca-hitung (capex)","status":"lolos","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{"input":"capex"},"keluaran":{"cek":[{"nama":"Sirkularitas utuh","lolos":true,"alasan":"g dimasukkan kembali mengembalikan EV yang sama (selisih 4.99e-14%)","nama_i18n":{"kode":"cek.sirkular","param":{},"teks":"Sirkularitas utuh"},"alasan_i18n":{"kode":"cek.sirkular.ok","param":{"drift":"4.99e-14"},"teks":"g dimasukkan kembali mengembalikan EV yang sama (selisih 4.99e-14%)"}}],"vonis":{"lolos":true,"jumlah_cek":1,"jumlah_gagal":0,"sebab":[],"sebab_i18n":[]}},"meta":{}},{"tahap_i18n":{"kode":"tahap.selesai","param":{},"teks":"· Selesai"},"urutan":5,"tahap":"· Selesai","status":"terbit","waktu":"2026-11-08T09:10:47+00:00","durasi_ms":0,"masukan":{},"keluaran":{"alasan":"1 temuan lolos seluruh pemeriksaan."},"meta":{}}],"ringkasan":{"durasi_total_ms":0,"langkah":6,"token_masuk":0,"token_keluar":0,"biaya_usd":0.0,"retry":0,"pakai_cadangan":true,"panggilan_model":0},"mulai":"2026-11-08T09:10:47+00:00"}